Investment in new housing construction in BC in May fell 2.7 per cent compared with April – but increased 12.3 per cent year over year, according to Statistics Canada data released July 22.
$604.9 million was spent on home building in the province in May 2014, compared with $621.9 million in April and $538.5 million in May 2013.
Broken down by dwelling type, the biggest year-over-year increase was seen in townhomes, as investment in BC row housing construction rose 24.9 per cent to $61.2 million.
Investment in single-family homes was $278.4 million, up 14.2 per cent. For apartments, investment was up 10.7 per cent to $242.9 million.
The year-over-year increases in BC contrasted starkly with the national average statistics, in which investment in new home construction fell 4.2 per cent compared with May 2013, with increases in row housing and duplex investment being offset by drops in single-family home and condo construction.
British Columbia saw the country’s highest year-over-year investment increases, with Alberta the only other province to record a year-over-year rise in investment for combined dwelling types in May.
To see Statistics Canada’s interactive chart, click here.
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